Sales grow at Mitchells & Butlers
Like-for-like sales have increased 2.7 per cent at Birmingham pubco Mitchells & Butlers, it announced this morning.
However, total company sales dropped 9.4 per cent which the business attributed to costs from major disposals made in the last 12 months.
The results were unveiled through Mitchells & Butlers' results for the 51 weeks to 17 September.
Like-for-like food and drink trade was up 4.9 per cent and 1 per cent respectively.
The company said it had spent about £75m over the last year on 48 conversions and 53 site acquisitions.
Mitchells & Butler also reiterated its stance regarding a takeover bid from Piedmont Inc on 12 September. The company said it remains sure that the offer of 230p per share "significantly undervalues" the business and would not recommend that an offer be agreed on such terms.
Jeremy Blood, interim chief executive, said: "Mitchells & Butlers is reporting robust results including our 34th consecutive quarter of like-for-like sales growth.
"This is a testament to the strength of the company's sites, brands and employees. I would like to thank the 38,000 people in our businesses for their dedication, drive and continuing focus on delivering great customer experiences."
